City's share in recovery plan: A stimulating maybe

We were reminded of that old cliche: "Don't count your chickens before they hatch," the other day.

Jan Somma-Hammel/Staten Island AdvanceHOPIN' FOR BUSINESS: A shop in Staten Island's New Dorp section resorts to steep price cuts. The future of the Island's economy may rely heavily on the promised federal economic stimulus package.

On Sunday, senior New York Sen. Charles Schumer, with Mayor Michael Bloomberg and other officials at his side, held a news conference to announce that the city was im line to receive more than $3 billion in aid, thanks to President Barack Obama's economic stimulus package.

The catch, of course, is that the ambitious proposal to rescue the nation from the financial doldrums has not been approved as yet, and is facing several challenges from disgruntled Republicans who seem determined to not allow the president a win on the single most important issue in the lives of Americans.

According to Mr. Schumer, who aside from the mayor, was also joined by Rep. Charles Rangel, the city is in line to receive $3.4 billion in federal aid, which is part of the $10 billion to $15 billion in stimulus money the state is expected to get. The city's coffers would also grow by $1.8 billion in Medicaid savings and $1.6 billion in education aid.

A portion of the funds, explained Mr. Schumer, could be used to offset the city's budget deficit and to counter shortfalls in education funding. The city's projected deficit has been estimated to rise to $11.3 billion over the next two years.

"This is a lifeline. This is the biggest shot in the arm the federal government has given New York City in a long time," said Mr. Schumer.

If delivered, the package would symbolize one of the few times New York City got its fair share.

"It's not going to solve all of our problems, not by a long shot," said Mayor Bloomberg. "It's not going to eliminate all of the tough budget decisions we still have to make. But it will go a long ways toward avoiding some of the most drastic options that we would otherwise be facing."

Sounds good, great in fact, right?

Not so fast.

Go back to not counting those chickens.

Although the stimulus package -- named by the Obama administration the American Recovery and Reinvestment Plan -- is expected to be on the president's desk by mid-February, there are no guarantees.

Between now and then, there are a world of possible glitches and changes that could occur that would once again leave New York City and the state with a much smaller slice or no slice at all of the economic pie.

But is it preliminary good news? The best in a very long time. We'll keep our fingers crossed.